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As expected (and hoped), Perpetual’s board has stated that it does not believe KKR’s offer of $38-$40 a share reflects value for the company. Sensibly, though, it has begun ‘exploratory discussions’ with the private equity firm to see if an agreement can be reached.

These discussions will also buy the board time to search for a potential ‘white knight’ (alternative bidder), as well as investigate other...

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